Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and modeling techniques inspired by new classical economics and real business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different econometric techniques to investigate the relevance and implications of different macroeconomic theories for German data. A key question this book investigates is the role of demand and supply side conditions for the increase in the German unemployment rate. On a policy level, the book relates the implications of the different theories to the ongoing debate on the appropriate roles of demand and supply side policies for curing the German unemployment problem.
Recent years have seen unprecedented public scrutiny over the tax practices of Multinational Enterprise (MNE) groups. Tax policy and administration concerning international transactions, aggressive tax planning, and tax avoidance have become an issue of extensive national and international debate in developed and developing countries alike. Within this context, transfer pricing, historically a subject of limited specialist interest, has attained name recognition amongst a broader global audience that is concerned with equitable fiscal policy and sustainable development. Abusive transfer pricing practices are considered to pose major risk to the direct tax base of many countries and developing countries are particularly vulnerable because corporate tax tends to account for a larger share of their revenue. This handbook is part of the wider WBG engagement in supporting countries with Domestic Resource Mobilization (DRM) by protecting their tax base and aims to cover all relevant aspects that have to be considered when introducing or strengthening transfer pricing regimes. The handbook provides guidance on analytical steps that can be taken to understand a country’s potential exposure to inappropriate transfer pricing (transfer mispricing) and outlines the main areas that require attention in the design and implementation of transfer pricing regimes. A discussion of relevant aspects of the legislative process, including the formulation of a transfer pricing policy, and the role and content of administrative guidance, is combined with the presentation of country examples on the practical application and implementation of the arm’s length principle and on running an effective transfer pricing audit program. Recognizing the importance of transfer pricing regulation and administration for the business environment and investor confidence, this handbook aims to balance the general objective of protecting a country’s tax base and raising additional revenue with investment climate considerations wherever appropriate.
Principles of Economics 7th edition combines microeconomics and macroeconomics into one volume for students who take a full year's course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors' philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues ' such as climate change and resource taxation, the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, monetary and fiscal policy.
The brief and student-friendly approach of this book boils economics down to its essentials, by considering what is truly important for students to learn in their first course in economics. In keeping with the authors' philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues ' including the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, and monetary and fiscal policy. Continuing global financial uncertainty and the current state of the Australian economy provide a constant supply of new material, re-evaluated models, and policy changes and updates for the Principles of Macroeconomics text. The book emphasises the material that students should and do find interesting about the study of the economy, resulting in a focus on applications and policy, and less on formal economic theory. Principles of Macroeconomics, 7e encourages students to make their own judgements by presenting both sides of the debate on five controversial issues facing policymakers: the proper degree of policy activism in response to the business cycle, the choice between rules and discretion in the conduct of monetary policy, the desirability of reaching zero inflation, the importance of balancing the government's budget, and the need for tax reform to encourage saving.
The two years since publication of the first edition of The Law of EU External Relations: Cases, Materials, and Commentary on the EU as an International Actor have been characterized by the large amount of case law on the new provisions on external relations, which have found their way into the Lisbon Treaty. Moreover, there have been important changes in EU secondary law on external relations as a consequence of these changes to the Lisbon Treaty. In this second edition, new case law and legislative developments are critically discussed and analysed in this comprehensive collection of EU Treaty law. Combining chapters on the general basis of the Union's external action and its relation to international law, with chapters which further explore the law and practice of the EU in the specialized fields of external action, this book presents the law of EU external relations in a concise and accessible manner for students, practitioners, and academics in the field. Topics include the common commercial policy, development cooperation, cooperation with third countries, humanitarian aid, the enlargement and neighbourhood policies, the external environmental policy, and the common foreign and security policy. Carefully selected primary documents are accompanied with analytic commentary on the issues they raise and their significance for the overall structure of EU external relations law. The primary materials selected include many important legal documents that are hard to find elsewhere but give a vital insight into the operation of EU external relations law in practice.
The standard work for business schools, colleges and universities as well as for continuing education courses has enjoyed great acceptance among lecturers and students for many years. The new edition is up to date, comprehensible in language and structure, undogmatic and practical. In addition to its topicality, the special features of this book include: Interviews:Each chapter ends with an interview with personalities from politics, business and academia on current issues.Digressions: They serve to link economic theories with practice."Economic thinking": Economics is not only content, but also a model of thinking. Therefore, at the end of each chapter, typical economic ways of thinking are explained by way of example in a special section. Accompanying materials (in German) at edu.somedia-buchverlag.ch The learning centre provides:Assignments and case studies: multiple choice, assignments and case studies / experiments are provided for each chapter. Solutions: Solutions are available for the assignments and case studies as well as for the revision exercises from the textbook. Power Point presentations: Presentations are provided for all chapters for use in class.Reader: Various newspaper articles, YouTube videos and other supplementary teaching materials are available. Der Autor Peter Eisenhut studierte an der Universität St. Gallen Volkswirtschaftslehre und Wirtschaftspädagogik. Anschliessend war er Hauptlehrer für Wirtschaftswissenschaften an der Kantonsschule Heerbrugg. Von 1987 bis 1998 erfüllte er einen Lehrauftrag für Volkswirtschaftslehre an der Universität St. Gallen. Von 1990 bis 1993 war er Mitglied der Geschäftsleitung des St. Galler Zentrums für Zukunftsforschung. Von 1997 bis 2007 war er Chefökonom der Industrie- und Handelskammer St. Gallen-Appenzell. Von 2000 bis 2017 unterrichtete er an der Executive School der Universität St. Gallen (ES-HSG). Seit Januar 2008 ist Peter Eisenhut Inhaber der ecopol ag (www.ecopolag.ch), einer Firma, welche Entscheidungsträger aus Politik, Verwaltung und Wirtschaft in volkswirtschaftlichen Fragestellungen unterstützt.
As retailers have become more powerful and global, they have increasingly focused on their own brands at the expense of manufacturer brands. Rather than simply selling on price, retailers have transformed private labels into brands. Consequently, manufacturers such as Johnson & Johnson, Nestle, and Procter & Gamble now compete with their largest customers: major retail chains like Carrefour, CVS, Tesco, and Wal-Mart. The growth in private labels has huge implications for managers on both sides. Yet, brand manufacturers still cling to their outdated assumptions about private labels. In Private Label Strategy: How to Meet the Store Brand Challenge, Nirmalya Kumar and Jan-Benedict E.M. Steenkamp describe the new strategies for private labels that retailers are using, and challenge brand manufacturers to develop an effective response. Most important, they lay out actionable strategies for competing against - or collaborating with - private label purveyors. Packed with detailed international case studies, valuable visuals, and hands-on tools, Private Label Strategy enables managers to navigate profitably in this radically altered landscape.
The Central Bank of Jordan (CBJ) has developed a Forecasting and Policy Analysis System (FPAS) to serve as a reliable analytical framework for macroeconomic analysis, forecasting and decision-making under a pegged exchange rate regime. At the heart of the FPAS is the CBJ’s extended Jordan Analysis Model (JAM2.0). The model captures the monetary transmission mechanism and provides a consistent monetary policy framework that uses the exchange rate as an effective nominal anchor. This paper outlines the structure and properties of JAM2.0 and emphasizes the enhanced interplay and tradeoffs among monetary, fiscal, and foreign exchange management policies. Simulation and forecasting exercises demonstrate JAM2.0’s ability to match key stylized facts of the Jordanian economy, produce accurate forecasts of important macroeconomic variables, and explain the critical relationships among policies.
This book develops macroeconomic theory for small open economies characterized by the sort of controls which make much of existing neoclassical economics inapplicable to developing countries. The applicability of this theory is demonstrated in an analysis of two temporary trade shocks inAfrica.
Introducing a revolutionary new quantitative approach to hybrid securities valuation and risk management To an equity trader they are shares. For the trader at the fixed income desk, they are bonds (after all, they pay coupons, so what's the problem?). They are hybrid securities. Neither equity nor debt, they possess characteristics of both, and carry unique risks that cannot be ignored, but are often woefully misunderstood. The first and only book of its kind, The Handbook of Hybrid Securities dispels the many myths and misconceptions about hybrid securities and arms you with a quantitative, practical approach to dealing with them from a valuation and risk management point of view. Describes a unique, quantitative approach to hybrid valuation and risk management that uses new structural and multi-factor models Provides strategies for the full range of hybrid asset classes, including convertible bonds, preferreds, trust preferreds, contingent convertibles, bonds labeled "additional Tier 1," and more Offers an expert review of current regulatory climate regarding hybrids, globally, and explores likely political developments and their potential impact on the hybrid market The most up-to-date, in-depth book on the subject, this is a valuable working resource for traders, analysts and risk managers, and a indispensable reference for regulators
This is a completely rewritten and updated version of one of the true classic books in the field of marketing and advertising. What's in a Name? Advertising and the Concept of Brands analyzes brands from the point of view of modern marketing theory. It deals in detail with the role of advertising in creating, building, and maintaining strong brands - the lifeblood of any long-term marketing campaign. The work is empirically based and is supported by the best research from both the professional and academic fields. The authors describe the birth and maturity of brands and dissect the patterns of consumer purchasing of repeat-purchase goods. In addition to all new research findings and examples, this new edition of What's in a Name? includes first time coverage of the short-term, medium-term, and long-term effects of advertising on sales of brands. The book concludes with new recommendations on how to develop and disseminate better advertising.
This textbook helps students to understand the social, economic, and environmental importance of the mutual relations between industries in the same and in different regions and nations and demonstrates how to model these relations using regional, interregional, and international input-output (IO) models. It enables readers to extend these basic IO models with endogenous household expenditures, to employ supply-use tables (SUTs) that explicitly distinguish the products used and sold by industry, and to use social accounting matrices (SAMs) that detail the generation, redistribution and spending of income. In addition to the standard demand-driven IO quantity model and its accompanying cost-push IO price model, the book also discusses the economic assumptions and usefulness of the supply-driven IO quantity model and its accompanying revenue-pull IO price model. The final chapters highlight three main applications of the IO model: (1) economic impact analysis of negative supply shocks as caused by, for example, natural disasters, (2) linkages, key sector, and cluster analysis, (3) structural decomposition analysis, especially of regional, interregional, and international growth, and demonstrate the strengths and weaknesses of these IO applications. Written for graduate students of regional and spatial science as well as for economists and planners, this book provides a better understanding of the foundations, the power, the applicability and the limitations of input-output analysis. The second, completely revised edition expands on updating IO tables, modelling the disaster reconstruction phase, and includes an appendix on the necessary matrix algebra.
This fully updated student textbook for OCR GCSE Economics will help you develop an understanding of the principles of economics and its impact outside the classroom. This new edition is specially designed to make economics accessible and help you tackle complex topics with confidence. - Includes new, up-to-date case studies to demonstrate how economic concepts can be applied in the real world - Highlights key terms throughout to increase your confidence and improve your essay-writing skills, with cross-references between different topics in the specification - Develops your analysis and evaluation skills through classroom activities and full practice questions, plus a revised 'evaluate this' feature, demonstrating how questions are structured and helping you to recognise command words - Helps you apply your developing knowledge of economic theory and issues to a wider economic context
Principles in Health Economics and Policy, second edition, is a concise introduction to health economics and its application to health policy. It introduces the subject of economics, explains the fundamental failures in the market for healthcare, and discusses the concepts of equity and fairness when applied to health and healthcare. This new edition presents a globally-relevant, policy-oriented approach, that emphasizes the application of economic analysis to universal health policy issues in an accessible manner. It explores four key questions currently facing health policy-makers across the globe: How should society intervene in the determinants that affect health? How should healthcare be financed? How should healthcare providers be paid? And, how should alternative healthcare programmes be evaluated when setting priorities? The book is an ideal guide to everyone interested in how the tools of health economics can be applied when shaping health policy.
Jan Muntermann presents an intraday event study that is conducted within the German capital market, and provides evidence that investors could exploit intraday stock price effects following critical market events. He then develops the concept for a corresponding mobile decision support system that assists investors in identifying those events. Based on the design science research paradigm, he uses this concept in the design of a novel mobile decision support system, which can provide ubiquitous information access to private investors.
Securitisation has survived the threats that emerged in the aftermath of the collapses of Enron, WorldCom, and Parmalat. Today, global securitisation markets continue to go from strength to strength, particularly as regards the evolution of new synthetic structures and the application of securitisation technology to fresh asset classes. This Yearbook focuses on the latest innovations in securitisation, including the securitisation of derivatives and alternative asset classes, and also exotic variations on the securitisation of well-established asset classes. Twenty-nine distinguished authors all of them active in the global securitisation markets as advisers, structurers, facilitators, or regulators brilliantly elucidate such topics as the following: synthetic squares as an effective means of arbitrage securitisation;collateralised debt obligations from a ratings perspective;use of, and potential for, synthetic securitisation in Germany and Italy;weather derivatives;use of equity derivatives as alternatives to credit risk;securitisation of alternative asset classes in Japan and the United States;covered bonds in a variety of European jurisdictions;new types of commercial mortgage backed securities;securitisation of non-performing tax receivables as an example of public sector securitisation; andsecuritisation structures in the Islamic regulatory and legal framework. The complex and sometimes controversial¿issues of documentation are well covered, as are all significant legal and regulatory issues. Three concluding essays detail the recent changes in accountancy fuelled by perceived abuse of existing regulations, and the revised framework for capital adequacy formulated by the Basel Committee. The Yearbook provides detailed information on the legal structure of innovative securitisations as well as recent developments in the accounting and regulatory treatment of securitisations. For legal advisers, investors, and regulators, there is no more useful guide to current and emerging trends and opportunities in securitisation.
This second edition provides a rigorous yet accessible graduate-level introduction to financial economics. Since students often find the link between financial economics and equilibrium theory hard to grasp, less attention is given to purely financial topics, such as valuation of derivatives, and more emphasis is placed on making the connection with equilibrium theory explicit and clear. This book also provides a detailed study of two-date models because almost all of the key ideas in financial economics can be developed in the two-date setting. Substantial discussions and examples are included to make the ideas readily understandable. Several chapters in this new edition have been reordered and revised to deal with portfolio restrictions sequentially and more clearly, and an extended discussion on portfolio choice and optimal allocation of risk is available. The most important additions are new chapters on infinite-time security markets, exploring, among other topics, the possibility of price bubbles.
Ever since the 2007–8 global financial crisis and its aftermath, Hyman Minsky’s theory has never been more relevant. Throughout his career, Jan Kregel has called attention to Minsky’s contributions to understanding the evolution of financial systems, the development of financial fragility and instability, and designing the financial structure necessary to support the capital development of the economy. Building on Minsky, Kregel developed a framework to analyze how different financial structures develop financial fragility over time. Rather than characterizing financial systems as market-based or bank-based, Kregel argued that it is necessary to distinguish between the risks that are carried on the balance sheets of banks and other financial institutions. This volume, brought together by Felipe C. Rezende, highlights these major contributions from Kregel through a collection of his influential papers from various journals and conferences. Kregel’s approach provides a strong theoretical background to understand the making and unfolding of the crisis and helps us to draw policy implications to improve financial stability, and suggest an alternative financial structure for a market economy. In this book, his knowledge is consolidated and the ideas he puts forward offer a path for future developments in economics which will be of great interest to those studying and researching in the fields of economics and finance.
The price of virtually any product or service can reveal intriguing stories. The author looks back at his own decade-long pricing journey and shares some of the most exciting and insightful pricing stories, allowing readers to see the world from a different angle. From pricing a chilled Coke in Tehran, to iPhone, to explaining the fall of MUJI, this book reveals the rationales behind and outcomes of various pricing strategies. The author also presents a number of stories from China, a "price wonderland" in which he, both as a consumer and a pricing consultant, has observed unconventional pricing practices rarely found elsewhere, such as the frequent use of negative prices among tech unicorns, i.e., sellers paying consumers to use their products. Structured as a collection of short stories, the book offers a delightful and eye-opening reading experience for business owners, managers, and anyone interested in understanding what prices are, and how pricing works and interacts with us as customers.
This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
Key content coverage is combined with practical tips to create a revision guide that students can rely on to review, strengthen and test their knowledge. With My Revision Notes, every student can: - Plan and manage a successful revision programme using the topic-by-topic planner - Consolidate their knowledge by working through clear and focused coverage of the OCR GCSE Economics specification - Test understanding and identify areas for improvement with regular 'Check your understanding' activities and answers, plus end-of-topic 'I can' checklists - Improve exam technique through practice questions, expert tips and examples of typical mistakes to avoid - Revise, remember and accurately use key economics terms with definitions throughout for quick and easy reference
Jan Arnold integrates financial and operational aspects into a holistic approach to commodity procurement. He shows how to combine operational strategies considering just-in-time procurement, inventory holding and backlogging with financial strategies considering derivative instruments into an optimal procurement plan under volatile procurement prices.
A proven,innovative approach to meeting customer demand Combining an intensive focus on customer/marketplace demands with innovative technology tools developed to execute demand chain planning, Managing the Demand-Supply Chain sets forth a powerful new model for fulfilling customer demand in the best possible way. Four of the world's leading demand chain researchers and implementers demonstrate how select high-tech companies, such as Nokia and Dell, have used the demand chain approach to differentiate their value offerings and delight their customers. The authors introduce three exciting new demand chain tools. "Demand breakpoint" identifies the point where value is significantly changed by operations; "value offering point" or VOP is the catalyst to demand chain activity; and "microcosms" executes demand chain strategies. The authors show managers how to use these tools to implement technology solutions that drive top performance. Special features of Managing the Demand-Supply Chain include: The best thinking from acknowledged leaders in the field An extended case study of Nokia's successful demand chain management implementation Numerous sidebars detailing real-world implementation issues Managing the Demand-Supply Chain is an indispensable resource for managers who want to optimize operational effectiveness, spur innovation, and achieve and sustain excellence in exceeding customer expectations.
Addresses the problem of price disparities across countries, and, for the first time, uses market structures as the central focus. Also looks at effects of trade barriers, input-output relations, and economies of scale, factors often ignored by other studies, to determine what causes prices to vary across countries. A post- Keynesian markup pricing model incorporating market power, intermediate inputs, and productivity differences is developed and tested using regression analysis.
The refereed series ZMO-Studien publishes monographs and edited volumes which mirror the interdisciplinary research programme and approach of the Leibniz-Zentrum Moderner Orient.
The authors examine Walras' general equilibrium models, tracing their development through his major work Elements of Pure Economics, and also placing them in the broader context of his design for optimal economic order.
This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools. Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value - pre 2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond. Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity. Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage. Part IV explains the all important risk management part of the process in detail. This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.
This text analyzes brands from the point of view of modern marketing theory. It deals in detail with the role of advertising in creating, building and maintaining strong brands - the lifeblood of any long-term marketing campaign. Recommendations for developing better advertising are included.
As issues of resource scarcity become more explicitly acknowledged in the health sector, public health practitioners are recognizing that economics can form a vital part of their professional toolkit. Economic analysis provides a way of thinking about problems in which the issues of resource scarcity, opportunity cost and broader social objectives such as efficiency and equity can be explicitly taken into account. However, while economics can certainly play an important role in policy and management, its application is often complicated. This book discusses theoretical perspectives in health economics by developing an appreciation of how economic concepts and techniques can be applied in policy making and management in the health sector. The book examines: Demand analysis Markets and competition Regulation Contracts Equity in health care Series Editors: Rosalind Plowman and Nicki Thorogood.
Derived from the renowned multi-volume International Encyclopaedia of Laws, this practical analysis of the law of contracts in the Slovak Republic covers every aspect of the subject – definition and classification of contracts, contractual liability, relation to the law of property, good faith, burden of proof, defects, penalty clauses, arbitration clauses, remedies in case of non-performance, damages, power of attorney, and much more. Lawyers who handle transnational contracts will appreciate the explanation of fundamental differences in terminology, application, and procedure from one legal system to another, as well as the international aspects of contract law. Throughout the book, the treatment emphasizes drafting considerations. An introduction in which contracts are defined and contrasted to torts, quasi-contracts, and property is followed by a discussion of the concepts of ‘consideration’ or ‘cause’ and other underlying principles of the formation of contract. Subsequent chapters cover the doctrines of ‘relative effect’, termination of contract, and remedies for non-performance. The second part of the book, recognizing the need to categorize an agreement as a specific contract in order to determine the rules which apply to it, describes the nature of agency, sale, lease, building contracts, and other types of contract. Facts are presented in such a way that readers who are unfamiliar with specific terms and concepts in varying contexts will fully grasp their meaning and significance. Its succinct yet scholarly nature, as well as the practical quality of the information it provides, make this book a valuable time-saving tool for business and legal professionals alike. Lawyers representing parties with interests in the Slovak Republic will welcome this very useful guide, and academics and researchers will appreciate its value in the study of comparative contract law.
This self-contained textbook is an informal introduction to optimization through the use of numerous illustrations and applications. The focus is on analytically solving optimization problems with a finite number of continuous variables. In addition, the authors provide introductions to classical and modern numerical methods of optimization and to dynamic optimization. The book's overarching point is that most problems may be solved by the direct application of the theorems of Fermat, Lagrange, and Weierstrass. The authors show how the intuition for each of the theoretical results can be supported by simple geometric figures. They include numerous applications through the use of varied classical and practical problems. Even experts may find some of these applications truly surprising. A basic mathematical knowledge is sufficient to understand the topics covered in this book. More advanced readers, even experts, will be surprised to see how all main results can be grounded on the Fermat-Lagrange theorem. The book can be used for courses on continuous optimization, from introductory to advanced, for any field for which optimization is relevant.
Approaches trading from the viewpoint of market makers and the part they play in pricing, valuing and placing positions. Covers option volatility and pricing, risk analysis, spreads, strategies and tactics for the options trader, focusing on how to work successfully with market makers. Features a special section on synthetic options and the role of synthetic options market making (a role of increasing importance on the trading floor). Contains numerous graphs, charts and tables.
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